In a Simple Circular-Flow Diagram, How Are Total Income and Total

question 32

Multiple Choice

In a simple circular-flow diagram, how are total income and total expenditures in an economy interrelated?

• A)They are equal because firms re-invest their revenue.
• B)They are equal only if there is no saving.
• C)They never equal because some people's income does not come from production activities.
• D)They are equal because every transaction has a buyer and a seller.

Understand the three categories of ethics-based principles and describe one principle within each category.

Recognize the four broad categories of generations and identify similarities shared between the generations.

Learn how leaders can integrate ethical decision-making into an organization's day-to-day culture.

Understand the definition and importance of competencies in the organizational context.

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Definitions:

Revoke Offer

To withdraw a proposal or invitation before it has been accepted, rendering it as if the offer had never been made.

Accepting Offer

is the act of agreeing to the terms of an offer, thereby creating a contract.

Coin Collection

An assortment of coins, often categorized by era, region, or special interest, that is accumulated for personal or investment purposes.

Expression Intent

The demonstration of a party's intention to undertake a particular action, often formalized through a legal or official statement.